Apple today announced it has agreed to acquire the subscription streaming music service Beats Music, and Beats Electronics, which makes the popular Beats headphones, speakers and audio software. As part of the acquisition, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple. Apple is acquiring the two companies for a total of $3 billion USD, consisting of a purchase price of approximately $2.6 billion USD and approximately $400 million USD that will vest over time. Apple expects the transaction to close in fiscal Q4.